View more on these topics

Adviser jailed in £20k fraud on mortgages

A Derby mortgage adviser who tricked customers out of more than £20,000 has been jailed for 14 months.

Self-employed broker Jona-than Marsden, 38, who had worked with Mortgage Options in Derby, admitted a series of fraud charges when he appeared before Derby Crown Court on February 4.

The court heard that he had tricked one of his clients, psychiatric nurse Jayne Williams, out of £9,000.

Ms Williams told the court that last year she contacted Marsden about remortgaging her house. She thought she was signing a document in connection with the remortgage but Marsden tricked her into signing a loan agreement giving him access to her money.

She said: “The first thing I knew that a loan had been taken out in my name was about three months later. I received a letter saying I had to pay £300 a month in repayments. Now I am paying my mortgage back at a higher level than I was to start with.”

The court heard that Marsden had conned smaller amounts totalling £3,000 from four other customers in connection with property valuation fees that were not due.

He provided references to Mortgage Options but hid the fact that he had been dismissed from previous com- panies for dishonesty.

In mitigation, it was said that Marsden had used the money to make alimony payments to his former wife.

It was also added that Mortgage Options had no knowledge of Marden’s activities.

Judge Andrew Hamilton expressed concern as to why Mortgage Options had hired Marsden, with his history of dishon esty with previous employers.

After the hearing, a spokeswoman for Mortgage Options said that all correct checks had been made with the FSA and the three years’ references he had provided had all been verified.

It was added that the company had co-operated immed- iately with the police when the fraud was discovered. It was also stated that the company’s employment procedures had been refined so there would be no repetition of the incident.

The FSA’s mortgage market review proposes the individ- ual registration of mortgage brokers in order to make it more difficult for problematic advisers to move from firm to firm unchecked.

Recommended

3

Ascentric admin charge move

Ascentric is planning to introduce an admin charge from April for funds on its platform with low assets under administration.

Survey cover

EEF/Jelf Employee Benefits Sickness Absence Survey 2015

EEF stated in its 2015 EEF Manifesto that the UK’s growth prospects depend on people being fit, working and productive. Keeping people in work and helping people return to work is very important for the manufacturing sector. It means boosting productivity by getting people back into work as early as is possible, as well as fostering workplace cultures and environments that proactively manage individuals’ health conditions so that all can benefit from lower sickness absence outcomes.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com